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New Owner and Existing Business - Case Study Example

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James T. White (2009) writes that it is usually less risky to buy an existing business than start a business from scratch. This is exactly what Anna took into consideration while making this buying decision. The existing salon business was on sale because the styles it offered were getting out of fashion…
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Download file to see previous pages Although Anna was happy that this bargain will save her the costs of setting up a new business, legal proceedings, location, customers and suppliers but what she did not take into consideration were the risks and challenges of buying a business that is losing its pace. It is difficult to revive the image of a business that is already declining especially in relation to the customers who have switched to a better designer as well as suppliers who are enjoying the better relationship with others in the industry. Anna should have also considered the fact that obtaining loyalty and adaptability from existing business’s employees is a challenge. The financial and economic side of the existing business could pose threat because before buying Anna did not examine the details of the mentioned and trusted only on her abilities. Moreover, Anna should have given a deep look into the history of the existing business dealings with the stakeholders and ensured its good reputation.
2) It is believed that if a person has strong dreams and the ability and motivation to turn them into reality, no hurdle can suppress his powers. Same applies to entrepreneurs. It is a common trait of entrepreneurs that with their vision and constant enthusiasm, they can take a business to high levels of success. S Anil Kumar, S.C.Poornima, Mini K.Abraham, K.Jayashree (2003) states that entrepreneurs are intuitive and highly motivated from inside, they have a strong will and determination to achieve their goals. Shane Greenstein (2011) says that entrepreneurs are visionary, exceptionally energetic and have strong willpower. They know what their weaknesses are and ways to get over them.
Anna bought the existing business because she knew that her powerful ideas and efforts could really make this business a big hit in the market despite the fact that she had not had good managerial skills. Anna did not let this weakness of her come in the way of her success. She knew that soft skills could be learned at any point in life but the characteristics of being visionary and enthusiastic are permanently embedded in her personality and nothing can beat them. ...Download file to see next pagesRead More
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